Wed 25 February 2026 ▪
4
min read ▪ by
Bitcoin shows bold strength in adoption. Institutions, banks, states, merchants, everyone is getting into BTC. Still, its price remains 50% below its all-time high. A troubling dichotomy that raises a fundamental question: is the market underestimating what is really going on?
In short
- River confirms that Bitcoin adoption reached record levels in all categories in 2025.
- Institutions have amassed 829,000 BTC this year, including ETFs, funds and public companies.
- 60% of major US banks are now developing Bitcoin-related products.
- The number of US merchants accepting BTC has tripled; Lightning Network payments jumped 300%.
Adoption that knows no bear market
In a report published this Tuesday, US financial services company River presents a startling finding. Despite Bitcoin’s price halving since its peak in October, adoption has never been stronger. Bitcoin adoption is not in a bear market phase, River says bluntly.
The numbers speak for themselves. In 2025, institutions amassed 829,000 BTC through ETFs, sovereign wealth funds, company balance sheets, and government purchases. Registered Investment Advisors have been net buyers of Bitcoin for eight consecutive quarters, investing an average of $1.5 billion per quarter in Bitcoin ETFs.
Moreover, these are not mere speculators: these actors manage the savings of millions of Americans who are discovering bitcoin for the first time, through their retirement plans or brokerage accounts.
On the corporate side, movement has accelerated. Crypto treasury management companies like the Strategy have multiplied their purchases 2.5 times in one year. And 60% of major US banks are now working on bitcoin products, a turning point made possible by the new regulatory framework put in place since Trump came to the White House.
Traders, States and Volatility, Bitcoin Enters a New Era
Adoption is not limited to Wall Street. The number of US companies accepting Bitcoin as a payment method will simply triple in 2025. Globally, the use of BTC as a payment currency has increased by 74%.
The Lightning Network saw a 300% increase in transactions, reaching over $1.1 billion in monthly volume.
States are also joining the dance. Five countries acquired Bitcoin in 2025: Luxembourg, Saudi Arabia (through their sovereign wealth funds), the Czech Central Bank, Brazil, and Taiwan.
In total, River estimates that 23 nation states now hold BTC, either through state mining, legal seizure, or direct exposure to their central banks.
Another strong signal: Bitcoin volatility is falling. It is now approaching gold and the S&P 500, which was unthinkable five years ago.
“As volatility falls, the barrier for risk-averse investors falls,” Notes on the river.
This underlying picture coincides with a quiet tightening of supply: Bitcoin reserves on exchanges fell by 500,000 BTC in one year, and apparent demand on the chain just turned positive again for the first time in three months.
Bottom line, the price will ultimately reflect reality. According to Rivero, BTC adoption today rivals what it was in the early days of the internet. When institutional capital, mass payments, and regulatory sophistication converge in this way, history shows that there is still one element missing from the equation: time.
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I am passionate about Bitcoin, I love exploring the intricacies of blockchain and cryptocurrency and sharing my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER OF LIABILITY
The views, thoughts and opinions expressed in this article are solely those of the author and should not be taken as investment advice. Before making any investment decision, do your own research.
